View more on these topics

Property developer fraudster sentenced to further 10 years

A property developer has been sentenced ­­­to an additional 10 years in jail for his failure to pay a confiscation order after being found guilty of mortgage fraud.

Saghir Afzal, of Birmingham, was originally sentenced to 13 years’ imprisonment for a £49m mortgage fraud in June 2011.

The offences, committed between 1 April 2004 and 15 January 2006, involved two counts of conspiracy to obtain money transfers by deception and four counts of obtaining a money transfer by deception.

In August 2012 Afzal was ordered to pay £29.2m confiscation within six months or face an extra 10 years in jail.

Appearing at Westminster Magistrates’ Court today, he was told he would serve an additional 10 years unless the confiscation order plus accrued interest is paid in full. So far Afzal has paid roughly £92,500 towards the original confiscation order.

Co-defendant Ian McGarry, a chartered surveyor who was jailed for seven years in 2011 for his part in the fraud, was ordered to pay a £1.5m confiscation order in 2011. McGarry is contesting the confiscation order with no current court date fixed.

Afzal and McGarry were charged in 2009 together with six others. Afzal and McGarry pleaded guilty to all six counts on the indictment prior to the trial, which commenced in January 2011.

The lenders which were defrauded include the Cheshire Building Society, the Bank of Ireland, Societe Nationale and Nationwide Building Society.


Planning boost

Planning permissions for new homes are up 31 per cent year-on-year according to the latest data from the Home Builders Federation. In the third quarter of 2013 there were 44,251 permissions on 826 sites, which is up 19 per cent on the 37,053 granted the previous quarter and is the highest quarterly tally since 2007. […]

Virgin rethinks property value and income for interest-only

  Virgin Money is from 9 December restricting its interest-only products to customers with a minimum income of £100,000 in total for applicants, including bonuses, and a minimum property value of £500,000. The minimum property value replaces the minimum loan size that it previously had of £300,000 for interest-only loans. The lender says it still […]


Shadow MPC

After an incredible year that will see gross mortgage lending likely to finish at £170bn, up 15 per cent on 2012, we should recognise key changes to come and plan for them


News and expert analysis straight to your inbox

Sign up

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now